Binance Launches a sell-crypto-for-fiat feature with Mastercard Support

The world’s largest exchange by daily trading volume, Binance, has announced today, Oct. 4, support for Mastercard credit and debit cards in the United Kingdom and the European Economic Area (EEA) for the sell-crypto-for-fiat feature. The announcement was made public on the Binance website via its official blog. Following this announcement, the native token of the exchange, BNB is up 7.56% and is currently trading at $353.84 at the time of writing this.

Crypto For Cash

With this new announcement, users will now be able to sell all cryptocurrencies for cash after completing their KYC. KYC is a verification process initiated by centralised exchanges in the fight against crime and anti-money laundering. Users can also immediately transfer funds received to Visa or Mastercard credit or debit cards.

Earlier this year, Binance launched the sell-for-fiat feature for all cryptocurrencies, with support for 11 fiat currencies. The steps for selling crypto for fiat are straightforward, and a walkthrough can be found on the exchange’s website.

Binance has been making giant strides in the cryptocurrency market; the exchange also recently released a report stating that there has been an upsurge in its trading volume by 62% in the Q3 of 2022.

Payment Giants’ Love For Crypto

Payment giants are not oblivious to the undeniable changes that cryptocurrencies have brought to the world and are now partnering with top exchanges to offer payment services. In December 2021, Visa launched its own consulting services for crypto, known as the Global Crypto Advisory Practice. Although it would seem that Binance is the only exchange offering support for MasterCard, other payment giants are willing to also have skin in the game.

Popular exchange, Crypto.com,  also recently announced that it would issue Visa cards in Singapore. The platform joined the associate program in Singapore’s financial centre. The Singaporean exchange’s Visa card, which more than 80 million merchants now accept, is the largest producer in its category. Visa has also collaborated with FTX to accept cryptocurrency payments in 40 countries.

Bottom Line

Binance is making moves to remain at the top of its game. It recently announced a stake in Elon’s Twitter and has now launched a sell-crypto-for-fiat feature. All we can say is that the future is bright for the crypto industry in a seemingly gloomy market.